Wifey and I want to do some estate planning with a young one in the household. We have held our properties directly in the past because that was the easy button. But now are starting to think long term - inheritance, taxes, etc. Does the collective wisdom here have any recommendations on accountants, lawyers and others we can talk to to help us (e.g. LLCs, Trusts, Living Trusts, etc)
Attend his free Seminars, very informative, but he may also scare you. Be cautious ! His charges are high and he is good for people with 20M or more or very complex situation. IMO, he is high end in living trust and worth his fees at that level.
For simple situations (holding primary and one rental…etc), NO LLCs required.
Look at Mercury news physical paper (not online), every week some lawyer schedules similar Seminar…
After Seminars, Do some google work to know what is Living Trust, pour over will etc.
After attending few, choose the best one you like, create a will and Trust.
If you due your job, do a good research before you do anything. When you hear trust, don’t think that you are finally protected and out of the water. No.
I just want to say one thing: Most attorneys handling living trusts are just administrators of what you are trying to get away from. Those who use the expertise of other “non-attorneys” get better results.
To give you a hint regarding living trusts, cars and trusts don’t get along with each other.
I was told you want a tax attorney not a tax accountant. A tax attorney can’t be forced to testify against you in court (attorney client privilege), but a tax account can be forced to testify against you.
Btw, the living trust attorney needs to know your net worth, nature and distribution of assets, to recommend the right approach. Different net worth has different approaches Some is suitable for lower net worth, some can only be done with high net worth Certain nature needs unique treatment.
On inheritance, definitely recommend living trust. The purpose is that you decide who gets to get your inheritance; not the government. And it avoids probate.
Someone already mentioned Hyatt legal plan. Look into your company if they offer Hyatt legal plan as a beneft. It cost like $20-$30 per month (or pay period), so that’s like $300 to $600 for that 1 year. Then get the living trust done in that 1 year you have Hyatt legal plan. It is not the cheapest, but it is easy.
Alternatively, use online or paper living trust kits. Legal zoom, Suze Orman, etc. This is cheapest method, but you have to do more work.
It can cost $2k for lawyer to set up living trust.
If you are going to get into living trusts, do a good research before you commit to it.
I know a person that works on trusts and not the kind you know as the “commercial” type of trusts you see advertised everywhere. But, it doesn’t matter what type of person or trust you choose, do your due diligence when it comes to your own skin.
So, to be absolutely clear: A revocable living trust does not protect assets from creditors.
@BA_lurker - What did you end up doing? Did you find a good lawyer for living trust or whatever vehicle you decided on? Going through similar exercise at this time and any recommendations would be appreciated. Also looking at this thread, I’m going to check what work legal benefits there are.
I have a decent guy I spoke to once regarding living trusts if you are going independent, but I didn’t follow back up as I had other priorities. I can send you his contact via PM if interested. Looks like I have access to LegalShield at work. Wonder if that is similar to Hyatt Plan.